I know I've been talking a lot about buying your own home with No Qualifying, No Credit and No, or very little Cash. Sometmes you can wrap all of these up in one deal but sometimes these techniques are mutually exclusive.
If you have a lot of cash on hand and can put down 35% or more, you no longer have to worry about your credit. In that instance, the mortgage bank is only looking at the equity in the deal. If you default, they will still do okay after they foreclose and sell your home.
On the other hand, if you have really good credit, and the definitiion of "good" or "excellent" can vary from lender to lender, you don't need as much cash. So, if you're stuck somewhere in between, you can try to improve your credit or come up with more cash.
In today's environment with inflation starting to rear its ugly head again and many couples holding down two jobs just to get buy, getting more cash is not always easy. One of the better ways to do this is to come up with a part time job, or a totally new, higher paying job. I know you've already thought of that and like most people are probably stuck thinking, "Yeah, but where?". Read more on Sometimes You Need A Little Cash...
Filed under Cash Flow by on Apr 24th, 2006. Comment. 